During the Track Record Period, Customer C, one of our top customers in 2024 and 2025, was also one of our suppliers in 2024 and 2025.
Business · p. 136
In 2024 and 2025, our purchase from Customer C amounted to RMB54.4 million and RMB61.9 million, accounting for 0.7% and 0.5%, respectively, of our total purchases.
Business · p. 136
Our sales to and purchases from Customer C were conducted in the ordinary course of business and on commercial terms negotiated on an arm’s length basis.
ZhongAn Online, our largest customer in 2023, 2024 and 2025, was also our supplier in the same years.
Business · p. 161
Sales to the Overlapping Customers-Suppliers
Business · p. 162
Our Directors confirm that our sales to and our purchases from the Overlapping Customers- Suppliers were (i) entered into after due consideration taking into account the prevailing purchase and selling prices at the relevant times and (ii) conducted in the ordinary course of business on an arm’s length basis and under normal commercial terms.
Among our five largest suppliers in each year of the Track Record Period, Supplier F was also our customer in 2025. Our sales to Supplier F were RMB34.3 million in 2025, which amounted to 0.1% of our total revenue of the corresponding year.
Business · p. 133
The transactions are conducted in the ordinary course of business and on commercial terms negotiated at arm’s length.
During the Track Record Period, one of our customers in 2023, 2024 and 2025, Customer Z (a PRC enterprise primarily engaged in nutritious food sales), was also one of our suppliers in 2024 and 2025.
Business · p. 166
The transactions that we entered into with Customer Z were on an arm’s-length, mutually independent basis under normal commercial terms.
Business · p. 166
During the Track Record Period, Supplier L (a Spanish-based company principally engaged in the supply of raw milk, and the processing, production and sales of dairy products), one of our suppliers in 2023, 2024 and 2025, was also one of our customers in 2023, 2024 and 2025.
Our purchases from these top five customers accounted for 4.8%, 2.5% and 8.1%, respectively, of our total purchases in 2023, 2024 and 2025.
Business · p. 121
Our revenue generated from these top five suppliers accounted for 8.9%, 6.3% and 4.1%, respectively, of our total revenue in 2023, 2024 and 2025.
Business · p. 121
Our transactions with the above overlapping customer-suppliers were primarily attributable to the following reasons: (i) certain market participants operate across multiple segments of the industrial chain and simultaneously act as our upstream suppliers and downstream customers; and (ii) during the sample development stage, we may procure from the relevant customer a limited quantity of parts and assemblies; after commencing mass production, we typically procure these parts and assemblies directly from third-party suppliers.
Customer A, representing a group of affiliated and/or associated companies, was one of our top five customers in 2023, 2024 and 2025, with sales revenue accounting for 18.1%, 15.5% and 7.4% of our total revenue in the periods, respectively.
Business · p. 156
In 2023, 2024 and 2025, procurement made by us from such member amounted to RMB0.7 million, RMB0.3 million and RMB0.3 million.
Business · p. 156
Our transactions with Customer A were conducted in the ordinary course of business at arm's length with reference to and in consistence with market prices and terms of comparable products and services.
We sell pharmaceuticals and other healthcare products to companies engaged in the circulation of pharmaceuticals or other healthcare products, from whom we may also procure pharmaceuticals and other healthcare products.
Business · p. 162
In 2023, 2024 and 2025, the sales to these overlapping customersuppliers amounted to RMB61.4 million, RMB158.5 million and RMB335.5 million, respectively, and accounted for 2.0%, 4.9% and 8.8% of our total revenue in the respective years.
Business · p. 162
All of our sales to and purchases from these overlapping customer-suppliers were conducted in the ordinary course of business under normal commercial terms and on an arm’s-length basis.
To the best knowledge and belief of our Directors, three of our major customers during the Track Record Period were also our suppliers.
Business · p. 164
In 2023, 2024 and 2025, revenue from our overlapping customers and suppliers, in aggregate, accounted for 25.2%, 15.2% and 16.5% of our total revenue, respectively.
Business · p. 164
The terms and conditions of the sales agreements with Customer and Supplier E, Customer Group A, Customer Group H and Customer I were generally in line with the terms and conditions with other comparable customers.
During the Track Record Period, certain of our top five customers were also among our suppliers, and certain of our top five suppliers were also among our customers.
Business · p. 158
The overlap between customers and suppliers primarily arose because certain counterparties had business dealings with us in both directions.
Business · p. 158
Our Directors have confirmed that none of our sales to and purchases from the above overlapping customers/suppliers during the Track Record Period was inter-conditional, inter-related or otherwise considered as one transaction.
Company F was both one of our major suppliers and major customers during the Track Record Period.
Business · p. 154
In 2023, 2024, and 2025, our purchases from the three major overlapping customer-suppliers amounted to RMB314.2 million, RMB301.6 million and RMB203.0 million, respectively, representing 9.5%, 8.2% and 4.9% of our total purchases for the same respective periods.
Business · p. 154
Terms for sales to and purchases from these overlapping customer-suppliers were negotiated individually, and the transactions were not inter-conditional.
During the Track Record Period, certain of our five largest customers in each year of the Track Record Period also acted as our suppliers, or vice versa, in the respective years, which is in conformity with the industry norm according to Frost & Sullivan, including: (i) Customer C.
Business · p. 171
Our Directors confirm that all transactions with the overlapping customers and suppliers were conducted in the ordinary course of business, on normal commercial terms, and were not inter-conditional.
During the Track Record Period, certain of our five largest customers in certain years during the Track Record Period also acted as our suppliers, or vice versa.
Business · p. 135
In 2023, 2024 and 2025, our revenue generated from Liu entities was RMB100.3 million, RMB129.1 million and RMB157.2 million, respectively, accounting for 0.9%, 1.2% and 1.4% of our total revenue in the same periods, respectively.
Business · p. 136
One of our subsidiaries procured sugar from a subsidiary of Customer F in 2023, 2024 and 2025.
During the Track Record Period, we sold our jewellery and handbags to Customer B and we also procured marketing and promotion services as well as usage of their platform for our self-operated online stores.
Business · p. 159
The Directors confirm that the sales and purchases to/from Customer B are arm's length transaction in the ordinary course of business.
Customer A contributed to 22.2%, 4.0%, and 1.5% of our revenue in 2023, 2024 and 2025, respectively, and 3.1%, 1.1%, and 1.8% of our purchase amounts in the same periods, respectively.
Business · p. 137
The overlap between our customers and suppliers arises from the different business functions performed by our customers’ separate entities and is supported by genuine needs for both procurement and sales.
Business · p. 139
All of our sales to and purchases from Customer A, Customer C (Supplier D), Customer G, Customer H (Supplier J), Customer I, Customer K, Customer L, Supplier A, Supplier B, Supplier E and supplier L were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
(1) Customer B was also one of our suppliers during the Track Record Period. We primarily procured R&D services and consumables from Customer B. The purchase amount attributable to such transactions were RMB55.6 thousand and RMB15.4 thousand in 2024 and 2025, respectively, accounting for 0.04% and 0.01% of our total purchases for the same periods, respectively.
Business · p. 210
(2) Customer C was also one of our suppliers during the Track Record Period. We primarily procured consumables from Customer C. The purchase amount attributable to such transactions were nil and RMB22.2 thousand in 2024 and 2025, respectively, accounting for nil and 0.02% of our total purchases for the same periods, respectively.
Business · p. 210
Negotiations of the terms of our sales to and purchases from Customer B and Customer C were conducted on an individual basis, and the sales and purchases were neither inter-connected nor inter-conditioned with each other.
Certain of our five largest customers in each year of the Track Record Period also acted as our supplier and certain of our five largest suppliers in each year of the Track Record Period also acted as our customers.
Business · p. 142
Second, Transsion has also become one of our suppliers since 2020.
Business · p. 143
Our Directors confirmed that all of our sales to and purchases from Transsion, Supplier C and Supplier H were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
Due to the nature of the lithium industry, where procurement, processing, conversion and distribution activities are closely interconnected and many market participants operate in more than one segment of the value chain, it is not uncommon for the same counterparty to transact with us on both sides of the supply chain.
Business · p. 126
Company A, one of our five largest customers in 2023, 2024 and 2025, was also our supplier in 2024.
Business · p. 126
During the Track Record Period, our negotiations of the terms in the sales and purchase agreements in connection with the overlapping customers and suppliers were conducted on a case-by-case basis and were not inter-conditional with each other.
For the years ended December 31, 2023, 2024 and 2025, our purchase from Customer B amounted to RMB890.1 thousand, RMB22.9 million and RMB52.2 million, accounting for 0.2%, 4.2% and 8.1% of our total purchase, respectively;
Business · p. 173
Negotiations of the terms of our sales to and purchases from these overlapping customer-suppliers/supplier-customers were conducted on an individual basis, and the sales and purchases were not related to or inter-conditional with each other.
Our procurement from Supplier F amounted to RMB139.5 million, accounting for 11.7% of our total procurement amount in the same year.
Business · p. 143
Supplier D was one of our top five suppliers in 2023, 2024 and 2025. Our procurement from Supplier D amounted to RMB129.3 million, RMB165.4 million and RMB131.5 million, accounting for 14.5%, 13.8% and 6.9%, respectively.
Business · p. 143
In addition, from a business perspective, the transactions that we entered into with the overlapping supplier-customers were on an arm’s length, mutually independent basis under normal commercial terms.
Dongyi Yuan Petrochemical and Customer E, each being one of our five largest customers during at least one period of the Track Record Period, were also our suppliers during at least one period of the Track Record Period.
Business · p. 124
For the years ended December 31, 2023, 2024 and 2025, our revenue attributable to Customer E amounted to RMB81.4 million, RMB348.0 million and RMB885.6 million, respectively, accounting for 1.4%, 6.3% and 13.0% of our total revenue, respectively.
Business · p. 124
Supplier A and Befar Group Co., Ltd., each being one of our five largest suppliers during at least one period of the Track Record Period, were also our customers during at least one period of the Track Record Period.